India-UK Trade Pact: Easing Medical Device Imports with Strategic Tariff Reforms
India has announced reduced import duties on select medical devices from the UK under a trade agreement. This change will take effect in the sixth year of implementation. The deal aims to double bilateral trade within five years, despite concerns about potential market impact from other countries.
- Country:
- India
In a significant development, India has decided to slash import duties on medical devices coming from the UK as part of a newly finalized trade agreement, a government official said on Thursday.
However, this reduction will only take effect starting the sixth year of the agreement's implementation, signaling a strategic approach to managing domestic industry impact.
Experts have voiced concerns about potential market disruptions, but aligned measures aim to bolster trade from the current USD 60 billion to USD 120 billion.
(With inputs from agencies.)
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